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In its latest client note, the US investment banking giant, Goldman Sachs, noted that it believes the US decision to call off the waivers from sanctions on imports of Iranian oil to have a limited impact on prices.

Additional Quotes:

“While we acknowledge the near-term upside price risks, we reiterate our fundamentally derived Brent price trading range of $70-75 per barrel for the second quarter of 2019.

The bank still expects declining prices into 2020 due to better supplied markets next year and high uncertainties around whether the Organization of the Petroleum Exporting Countries (OPEC) and fellow producers will continue to abide by their agreement to curb output to support prices after June.

The U.S. policy announcement should support Middle East Dubai crude prices relative to Brent prices given the quality mismatch between the lost Iran volumes and the lighter compensating crudes from Saudi Arabia and the United Arab Emirates.”